The Treasury Committee has called for an increase in the funding of generic financial advice as part of its report into the promotion of financial inclusion.
The committee believes a key part of promoting financial inclusion lies in ensuring consumers have access to “appropriate” financial advice. The report states: “It is clear that improving access to financial advice would have benefits for individuals, the government and the financial services industry. All too often in pronouncements from government and regulators, consumers are told to seek advice, but with little consideration as to where they should turn.” The committee says the implementation of a National Pensions Savings Scheme (NPSS) and moves to make individuals more responsible...
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